Buffalo Common Council Allocates $3.5 Million in Grants to Support Small Businesses
The Buffalo Common Council, in collaboration with Buffalo Mayor Byron W. Brown and his administration, has approved the allocation of $3.5 million in grants to provide support to struggling small businesses across the City of Buffalo. This financial assistance, part of the American Rescue Plan (ARP) or the COVID-19 Stimulus Package, will have a significant impact on local businesses, including Braymiller Market.
Securing the Future of Braymiller Market
Braymiller Market, a vital player in Buffalo’s downtown area, was uncertain about its future until this financing was approved. The grants serve as a lifeline for the market, ensuring its survival and continued contribution to the community.
With a total of $4.3 million in ARP grants, $3.5 million will be dedicated to small business grants, while $800,000 will be allocated for administrative fees. The National Development Council (NDC) will oversee the administration of the program and will be compensated separately through an ARP amendment.
Mayor’s Special Economic Development Activity
The approval of these funds aligns with the Mayor’s Special Economic Development Activity, which is allocating $562,557.57 in CDBG-CV funds specifically for assisting Braymiller Market.
Stuart Green, the owner of Braymiller Market, expressed his appreciation for the collaborative efforts between the Mayor’s Office and the Common Council. Green highlighted the significance of their support for struggling businesses and their attentiveness to address concerns. However, there is still a final hurdle to overcome with the allocation of funds from the Buffalo Urban Renewal Agency (BURA) before everything is finalized.
Broader Impact on Small Businesses
While Braymiller Market is prominently featured in this initiative, other small businesses throughout Buffalo will also benefit from the funding. The allocation of the grants, ranging from $5,000 to $50,000, will provide crucial relief and growth opportunities to local entrepreneurs.
To ensure proper utilization of the relief funds, the Common Council will provide monthly updates on the small business program and the movement of ARP dollars. Transparency and accountability are prioritized to guarantee the appropriate distribution and impact of the grants.
Partnership with NDC and Buffalo Urban League
As part of the agreement with NDC, the City of Buffalo has formed a partnership with the Buffalo Urban League and the Exchange at Beverly Gray. This collaboration aims to provide technical assistance and outreach to small businesses, reinforcing support systems that will contribute to their growth and success.
Council President Darius G. Pridgen expressed his pride in collaborating with fellow Council members and stated that the prioritization of local small businesses is essential. He acknowledged the enormous challenges faced by entrepreneurs during the pandemic and emphasized the significance of these ARP grants in providing relief and growth opportunities.
Council Member Wyatt highlighted the strategic allocation of the $3.5 million among Buffalo’s nine Common Council Districts. This ensures that every area of the city benefits from the support, empowering each district to address the unique needs of its local small businesses. The aim is to build a stronger and more resilient Buffalo.
Additional Small Business Assistance
In addition to the $3.5 million in grants, NDC has committed $2 million in small business loans to the City of Buffalo. This comprehensive approach to small business assistance provides a total of $5.5 million in support citywide.
Your Path to Recovery
The allocation of $3.5 million in grants by the Buffalo Common Council is a testament to the commitment of the city’s leaders to support struggling small businesses. The importance of these grants, especially for Braymiller Market, cannot be overstated. However, it’s crucial to recognize that this initiative extends beyond one market and encompasses a broader effort to revitalize Buffalo’s small business community.
If you’re a small business owner in Buffalo, these grants and loans can play a vital role in your recovery and growth. Here’s what you need to know:
1. Eligibility Criteria
- Small businesses located within the City of Buffalo are eligible.
- Applicants must demonstrate pandemic-related financial hardships.
- Priority will be given to businesses that have not received substantial financial assistance previously.
2. Funding Amounts
The grant amounts can range from $5,000 to $50,000, depending on the needs and circumstances of the business. The goal is to provide sufficient funds to address immediate challenges and support long-term recovery and growth.
3. Proper Utilization of Funds
Recipients of the grants must ensure that the funds are used appropriately. While there are no specific restrictions on how the money can be spent, it is expected that the funds will be utilized for essential business expenses, such as payroll, rent or mortgage payments, utility bills, and inventory replenishment.
It’s essential to maintain clear and accurate records of how the funds are utilized for transparency and accountability purposes.
4. Technical Assistance and Outreach
The partnership between NDC, the Buffalo Urban League, and the Exchange at Beverly Gray provides an additional layer of support to small businesses. They offer technical assistance and outreach programs to help entrepreneurs navigate the recovery process effectively.
The Exchange at Beverly Gray, known for its expertise in assisting minority-owned businesses, will play a crucial role in ensuring equitable access to resources and support.
Conclusion
The $3.5 million in grants approved by the Buffalo Common Council, in partnership with Mayor Byron W. Brown and his administration, is a significant step forward in supporting struggling small businesses. As Buffalo works toward economic recovery, it is vital for local entrepreneurs to seize this opportunity to revitalize their businesses, contribute to the community, and secure a brighter future.
These grants, along with the additional loans from NDC, provide a comprehensive approach to small business assistance, ensuring that entrepreneurs have access to the financial resources and support they need.
Buffalo’s Common Council, Mayor’s Office, and partner organizations are committed to transparency and accountability, providing regular updates on the progress and impact of the grants.
Small business owners in Buffalo should explore the eligibility criteria and consider taking advantage of this funding opportunity. Together, we can rebuild Buffalo’s small business community and create a stronger, more resilient city.
**Summary:** The Buffalo Common Council, in collaboration with Mayor Byron W. Brown’s administration, has approved $3.5 million in grants to support struggling small businesses. Among the beneficiaries is Braymiller Market, whose future depended on this financial assistance. The grants are part of the American Rescue Plan (ARP) and will be disbursed in amounts ranging from $5,000 to $50,000. The funds will be closely monitored to ensure proper utilization. Additionally, a partnership with the National Development Council (NDC), Buffalo Urban League, and the Exchange at Beverly Gray will provide technical assistance and outreach programs. Small businesses in Buffalo can benefit from this comprehensive support system, contributing to the city’s economic recovery.
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The Buffalo Common Council, working with Buffalo Mayor Byron W. Brown and his administration, approved the allocation of $3.5 million in grants to support struggling small businesses throughout the City of Buffalo. One such company that will benefit from the issuance of grants (part of the American Rescue Plan (ARP), commonly known as the COVID-19 Stimulus Package) is Braymiller Market.
Last month, We discuss the importance of this financing for the market, insofar as the future of the market really depended on whether or not this financial assistance would be granted.
The $3.5 million in grant funding is part of a total of $4.3 million in ARP grants, of which $800,000 in administrative fees to be paid will be allocated to the National Development Council (NDC). NDC will oversee the administration of the program. These administrative fees will be paid through a separate ARP amendment (they are not part of the Small Business Grant funding).
The approval of these funds is aligned with the approval of the Mayor’s Special Economic Development Activity that it is allocating $562,557.57 in CDBG-CV funds to assist Braymiller Market.
“It was good to see the mayor’s office work together with the Common Council to get the job done, and to have them collectively put this together is great,” said Stuart Green, owner of Braymiller Market. “The deal was dead in the water two weeks ago – for the mayor to bring it back and for the Common Council to support other businesses in need throughout the process is significant. They addressed all concerns. This is a big step forward, but we still have one more hurdle to overcome with the allocation of funds from BURA before all this is said and done.”
While Braymiller is undoubtedly a crucial beneficiary of Council approval of a partnership between the City of Buffalo and the Mayor’s Office of Strategic Planning, several struggling small businesses across the city will also benefit from the funding initiative.
Ultimately, ARP grants will be disbursed in grants of $5,000 to $50,000. To ensure the relief funds are used appropriately, there will be monthly updates with the status of the small business program and the movement of ARP dollars, according to the Common Council.
The agreement with NDC also includes a partnership with the Buffalo Urban League and the Exchange at Beverly Gray for the provision of technical assistance and outreach to small businesses.
“I am proud to stand with my esteemed colleagues on the Buffalo Common Council as we prioritize the well-being of our local small businesses,” said Buffalo Common Council President Darius G. Pridgen. “With these ARP grants, we are providing crucial relief and growth opportunity to small business owners who have faced enormous challenges during the pandemic.”
“By equally dividing the $3.5 million among Buffalo’s nine Common Council Districts, we ensure that every area of our city benefits from this support,” said Council Member Wyatt. “This strategic allocation empowers each district to address the unique needs of its local small businesses, fostering a stronger, more resilient Buffalo.”
In addition, as part of this agreement with the City of Buffalo, NDC has also committed $2 million in small business loans to the City of Buffalo, for a total of $5.5 million in small business assistance citywide.
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